We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of return, so he's not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.

It's simplicity itself that its future will be way worse than its past.

Capitalism is a pretty brutal place.

I try to get rid of people who always confidently answer questions about which they don't have any real knowledge.

The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple.

Don't confuse correlation and causation. Almost all great records eventually dwindle.

We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a special area of competency and focus on that.